Business
NAB profits slump 7%, meeting costs target ‘increasingly challenging’ – Sydney Morning Herald
The lender’s bottom line was hit by higher charges for bad loans and it warned it would be “increasingly challenging” to hit its target on costs management.
Chief executive Ross McEwan said the result reflected the environment for banks, characterised by market volatility, low interest rates and credit growth, worsening asset quality and pressure on costs.
“We have a clear plan for NAB and we are getting on with it, including quickly embedding our new operating model and creating clear accountabilities,” Mr McEwan said.
Mr McEwan has been overseeing a series of restructures that are expected to result in job losses, after he unveiled plans in Apri…
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